Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Investor Presentation (February 2026)
48 slides from Enterprise Products Partners L.p's investor presentation, February 2026
Slide 1: Investor Deck
Investor Deck February 2026 NYSE: EPD
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team (including information published by third parties). When used in this presentation, words s
Slide 3: Why EPD?
Why EPD? A-Rated Balance Sheet, 27 years of Distribution Growth, 7% Yield A Compelling Value Proposition Critical Energy Infrastructure Attractive Returns Support Focused on Responsibly Future Cash Flows Returning Capital Average Return on Invested Capital (1) $62B 12% Returned to Unitholders in Dis
Slide 4: Focusing on Value Creation for the Long-Term
Focusing on Value Creation for the Long-Term Financial Objectives Invest in midstream energy infrastructure at attractive returns on capital Grow cash flow per unit Commercial Strategy Responsibly return capital to investors Build a reliable and resilient integrated U.S. midstream energy company to
Slide 5: 2026 Outlook
2026 Outlook Outlook Project Execution Executing on NGL-focused infrastructure + 2 Gas Processing Plants July 2025 opportunities + P1 Neches River Terminal July 2025 $ 2.5–$2.9B(1) organic growth spending + Frac 14 October 2025 Continuing to prioritize return of capital + Bahia NGL Pipeline
Slide 6: Balancing Cash Flow per Unit Growth with Capital Efficiency
Responsible Long-Term Value Creation Balancing Cash Flow per Unit Growth Expanding Buyback Program to with Capital Efficiency Enhance Shareholder Return Potential $Billions Common Unit Buyback Program 1.40 $6 1.30 Adj. CFFO/Unit +25.6% $5 Billion $5 1.20 Debt & $3 Billion Program Preferreds +25.3% $
Slide 7: History of Cash Flow per Unit Durability
History of Cash Flow per Unit Durability A Track Record of Resilience Financial Crisis Oil Price Collapse COVID-19 Pandemic $4.00 $3.98 $3.61 $3.50 $3.00 (1) Operational DCF and Adjusted CFFO per Unit $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201
Slide 8: Distribution Stability and Growth Remains a Core Focus
Consistently Returning Capital to Unitholders Distribution Stability and Growth Remains a Core Focus 27 consecutive years of distribution growth and $62 Billion returned to unitholders via LP distributions & common unit buybacks since IPO $Billions $8 Moderated distribution growth to self-fund equit
Slide 9: Returning Capital & Reinvesting in the Business
Responsible, Strategic Growth Returning Capital & Reinvesting in the Business $5.0 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for 2025 $5.0 $4.8 $4.5 Capital Returned to Unitholders $4.4 $4.4 $4.2 $4.1 $4.2 $3.9 $3.9 $3.9 Growth Capex $3.8 $3.6 $3.0 $2.9 $2.9
Slide 10: Enterprise's History of Returning Capital
Enterprise’s History of Returning Capital Attractive, Long-Term Returns EPD’s Historical Return on Invested Capital ("ROIC")(1) (2) (3) 16% 14% 13% 13% 13% 13% 13% 13% 13% 12% 13% 13% 12% 12% 12% 12% 12% 11% 11% 11% 11% 11% 11% 10% 10% 8% 6% 4% 2% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 11: A Fully Integrated Midstream Energy Company
Enterprise Products Partners L.P. A Fully Integrated Midstream Energy Company Our Platform NGLs, Crude Oil, Natural Gas, Petrochemicals and Refined Products >50,000 45 Natural Gas Miles Processing of Pipeline Trains >300 27 MMBbls of Fractionators Liquids Storage 2 21 PDH (1) Deepwater Docks 2 (1) i
Slide 12: NGL Focused with Benefit of Diversification
Integrated Value Chain NGL Focused with Benefit of Diversification $10B Natural Gas Liquids Crude Crude Petchem Petchem && Natural Natural (“NGLs”) Oil Oil Ref. Products Ref. Products Gas Gas 2025 Total Segment Gross Operating Margin 55% 16% 15% 14% 14% 14% 16% Simplified NGL Value Chain Marine Term
Slide 13: $4.8B of Major Capital Projects Under Construction
Growth Capital Expenditures (1) $4.8B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Forecast In-service Forecasted Annual Growth Capex Range $4.0 Permian Basin Delaware Basin & Midland Basin Natural Gas Gathering, Gathering 2026 - 2027 $3.5 Compression & Treating
Slide 14: EPD Permian NGL Value Chain
EPD Permian NGL Value Chain Rooted in Organic Growth, Enhanced by Strategic Acquisitions Sour Gas Treating Expanding to 450 MMcf/d capacity with 2 acid gas injection (“AGI”) wells Gas Processing 18 Permian plants with > 4 Bcf/d inlet processing capacity MIDLAND BASIN H2S Long-Haul Transportation CO2
Slide 15: Plant Additions Benefit Downstream NGL Infrastructure
EPD Permian NGLs Plant Additions Benefit Downstream NGL Infrastructure EPD Permian Gas Processing Plant Capacity EPD Permian NGL Pipeline Volume(1) # of plants total capacity 5 6 1200 Permian Inlet Volumes Mentone W2 (Delaware) 1Q 26 Athena (Midland) 4Q 26 CAGR 2020 – 2025: 26.5% CAGR 2022 – 2025: 1
Slide 16: Gas Gathering Assets Acquired from Occidental
Midland Basin Gathering & Processing (1) Gas Gathering Assets Acquired from Occidental Strategic acquisition to expand our Midland Basin footprint • $583MM purchase price; meaningful cash flow contributions beginning in 2027, expecting mid- teens return • ≈200 miles of gathering pipeline that suppor
Slide 17: Treating & Acid Gas Injection Assets Acquired from Pinon Midstream
Delaware Basin Sour Gas Infrastructure (1) Treating & Acid Gas Injection Assets Acquired from Pinon Midstream Extending the Value Chain with Essential Sour Gas Gathering Services for Sour Gas Production & Treating Gas Processing • Eastern ⅓ of the Delaware Basin in Lea County, NM contains liquids-ri
Slide 18: Selected Major Projects Under Construction
Expanding & Enhancing the Value Chain Selected Major Projects Under Construction Neches River NGL Export Facility Expanding & Diversifying Export Footprint | P1: In-service & P2: 1H 2026 Mont Belvieu Neches River • New build facility located on the Neches River in Orange County, TX Export Facility •
Slide 19: Bahia Expansion & Extension
Bahia Expansion & Extension Leveraging Economies of Scale BAHIA EXPANSION • Increase capacity to 1,000 MBPD by adding pump stations HOBBS • Brings Exxon production and 3rd party volumes on to Bahia AREA • Undivided Joint Interest in Bahia; Ownership Structure: Enterprise 60% / Exxon 40% EPD NGL MARK
Slide 20: EPD Gulf Coast Export Expansions
EPD Gulf Coast Export Expansions (1) Ethylene & Ethane LPG MBPD MBPD 600 1,495 MBPD 1,500 540 MBPD 360 MBPD Propane- Neches River Capable Flex 500 Flex Capacity 1,200 Neches River Flex 400 300 MBPD EHT Ethane- Expansion Capable Flex Capacity 900 835 MBPD Morgan’s 1,135 MBPD 300 Point Flex Dedicated
Slide 21: Fundamentals Outlook
Fundamentals Outlook U. S . P R ODUC T I ON T R EN DS O P EC + • Efficiency gains continue to advance. U.S. producers announce • OPEC+ commitment to market stability while increasing 2025 capital cuts with no change to 2026 production guidance production much faster than planned • Permian continues
Slide 22: U.S. Production Forecast
U.S. Production Forecast April 2025 Oil NGLs 15 9.5 9.0 14 8.5 13 MMBPD MMBPD 8.0 12 7.5 2024: 12.9 MMBPD 7.0 2024: 7.8 MMBPD 11 2027: 13.8 (+0.9) MMBPD 2027: 8.4 (+0.6) MMBPD 2030: 14.5 (+1.6) MMBPD 6.5 2030: 9.1 (+1.3) MMBPD 10 6.0 Total Natural Gas Dry Natural Gas 135 120 Growth to 2030 by Region
Slide 23: Permian Production Forecast
Permian Production Forecast April 2025: Permian Rich Gas & NGLS Grow Faster Than Crude Oil NGLs 8.0 5.0 7.5 4.5 7.0 +23% Growth 4.0 6.5 2024 to 2030 +32% Growth MMBPD MMBPD 6.0 3.5 2024 to 2030 (≈1.4x rate of Crude Growth) 5.5 3.0 5.0 2024: 6.2 MMBPD 2024: 3.4 MMBPD 2027: 7.0 (+0.8) MMBPD 2.5 2027:
Slide 24: Permian Basin Trends: Productivity & Longevity
Permian Basin Trends Productivity & Longevity Annual Production Averages 2024 Actuals 2 0 3 0 O ut l o o k 7.6 MMBPD CRUDE OIL 6.2 MMBPD (+ 1.4 MMBPD Growth) TOTAL NATURAL GAS 25.6 Bcf/d 33.9 Bcf/d (+ 8.3 Bcf/d Growth) 3.4 MMBPD 4.5 MMBPD NGLs (+ 1.1 MMBPD Growth) • Stacked Pay: Over 18,000 Hz wells
Slide 25: Theoretical Permian "Flat Oil" Scenario
Theoretical Permian “Flat Oil” Scenario Comparing Growth 2025 through 2027 2025–2027 Forecast Base Forecast “Flat Oil” Scenario CRUDE OIL 800 MBPD 0 MBPD TOTAL NATURAL GAS 4.7 Bcf/d 1.8 – 2.0 Bcf/d NGLs 650 MBPD ≈275 MBPD DRY NATURAL GAS 3.6 Bcf/d ≈1.5 Bcf/d • Because oil declines faster than natura
Slide 26: What Comes with a Barrel of Permian Oil?
What Comes with a Barrel of Permian Oil? Rich Gas & NGLs Ratios Continue to Grow in the Permian Basin Previous (2022) Today (2025) 28% 0.64 Barrel* NATURAL Natural Gas 25% 0.5 Barrel* GAS (3.78 Mcf) NATURAL Natural Gas GAS (3 Mcf) 0.5 Barrel 29% 0.66 Barrel 25% NGLs 0000 NGLs NGLs NGLs 50% 1 Barrel
Slide 27: Exporting the U.S. Surplus
Exporting the U.S. Surplus Simplified Crude, Natural Gas, Ethane and LPG Balances MMBPD 25 Crude Oil Bcf/d Natural Gas 140 130 20 6+ MMBPD 120 Export Potential ≈34 Bcf/d 110 15 Export Potential 100 90 10 80 Domestic Domestic 70 Demand Demand 5 60 50 0 40 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 28: U.S. Responsible for Global LPG Export Growth
U.S. Responsible for Global LPG Export Growth Growth Driven by Residential Market; >70% of Global LPG Demand The U.S. is the leading exporter of LPGs globally, which EPD is the largest individual, independent supplier of LPG displaces coal and biomass. The U.S. holds ≈47% of the in the world, export
Slide 29: The World Will Continue to Need U.S. LPGs
Waterborne LPG Supply/Demand The World Will Continue to Need U.S. LPGs 5,000 SUPPLY DEMAND OTHER AFRICA 4,500 OTHER 4,000 EUROPE OTHER ASIA INDIA 3,500 3,000 MIDDLE EAST EUROPE MBPD 2,500 2,000 OTHER ASIA 1,500 1,000 USA 500 CHINA 0 Total Waterborne LPG: 4.9 MMBPD with Asia importing ≈65% • U.S. pro
Slide 30: U.S. Ethane Feeds Global Petchem Demand
U.S. Ethane Feeds Global Petchem Demand Ethane Exported in Many Forms US Ethane, Ethylene & Derivative Exports MBD in Ethane Equivalent MBPD 1,400 1,200 1,000 (1) 800 Ethylene Derivatives 600 Ethylene 400 Ethane 200 0 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-2
Slide 31: EPD's Role in Building a Resilient Portfolio
EPD’s Role in Building a Resilient Portfolio Recession Resistant • Businesses have a high degree of inelastic demand from providing integral infrastructure services to producers and consumers of energy and energy products Inflation Protection • Approximately 90% of long-term contracts have escalatio
Slide 32: Setting the Standard for Balance Sheet Strength
Setting the Standard for Balance Sheet Strength Net Leverage Distribution Ratio Coverage 4.25x 2.1x (1) A- / A- / A3 4.00x 1.9x Highest credit rating in the midstream space 3.75x 1.7x A- A- A- 3.50x 1.5x ≈$5.2B of liquidity 3.25x 1.4x Ample liquidity, allowing for flexibility and opportunity BBB+ BB
Slide 33: Appendix
Appendix Financials & Non-GAAP Reconciliations
Slide 34: Natural Gas Processing Contract Mix
Natural Gas Processing Contract Mix As of 4Q 2025 Inlet Gas of 8.1 Bcf/d Keepwhole, 4% • Rockies Column1 (2) %-of-Proceeds / Equity NGL Production (MBPD) NGLs, 7% • South Texas EPD Elects to Producer Elects to • Louisiana Region Extract Ethane Extract Ethane Rockies 54 37 • Delaware Basin Texas 189
Slide 35: Enterprise Marine Terminals
Enterprise Marine Terminals Volumes Remain Resilient EPD NGL marine terminal volumes averaged 970 MBPD in 2025 EPD crude marine terminal volumes averaged 763 MBPD in 2025 EPD petrochemical & refined products marine terminal volumes averaged 330 MBPD in 2025 80 70 60 50 MMBbls 40 30 20 10 0 Sep-21 Se
Slide 36: Natural Gas Demand Outlook
Natural Gas Demand Outlook Growth in U.S. Gas Demand by Type Low High • Global gas & power demand growth 2024–2030 in Bcf/d driven by global economic growth, AI/data End Use – Res / Com/ Industrial 1 2 center infrastructure, and incremental industrial demand Power Generation – Non-AI 0 1 AI & Data C
Slide 37: Permian Gas Takeaway
Permian Gas Takeaway New Takeaway Capacity Crucial to Avoid Price Impact Bcfd 30 Announced Pipeline Capacity (no FID) 25 Permian Gas Production Additional Pipeline Capacity (FID) 20 15 Existing Gas Pipeline Capacity 10 5 Forecast 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 202
Slide 38: The U.S. Advantage
The U.S. Advantage U.S. is a Low-Cost Supplier of NGLs to the World $16 Asia Gas Oil EU Gas Oil $14 LNG - Asia $12 International Demand Market Propane - Asia Value $10 Natural Gas - EU Propane - Europe $/MMBtu $8 Propane U.S. $6 Ethane - U.S. U.S. Supply Price $4 Nymex NG $2 $0 DEC 25 DEC 26 DEC 27
Slide 39: LPG Combats Energy Poverty
LPG Combats Energy Poverty ≈500 Million Lives Changed by LPG Since 2010 What is LPG? • Propane and butane, both natural gas liquids, are collectively referred to Population Without Access Region to Clean Cooking as Liquified Petroleum Gas (“LPG”) 2010 2023 • LPG is bottled, distributed, and sold in
Slide 40: Everyday Products Made From Oil
Everyday Products Made From Oil >96% of Manufactured Goods are Touched by Oil and Gas Through Petrochemicals Renewable Electronics Asphalt Energy Materials Medicines Plastics Cosmetics Cleaning Products Products such as A building block of Oil is needed to create 99% of Oil and gas derivatives Deodo
Slide 41: Global Population Growth Drives Energy Addition
Global Population Growth Drives Energy “Addition” Historical Energy Demand by Source vs. Population Growth 120,000 9.0 “Energy is not just a commodity – it is the foundation of the modern world.” - Daniel Yergin Solar 100,000 7.5 Wind 80,000 6.0 Annual Energy Usage (MMBOE) Population (Billions) 60,0
Slide 42: Definitions
Definitions Operational DCF is Distributable Cash Flow (“DCF”) excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments. Operational DCF per Unit represents DCF excluding proceeds from asset sales and other matters and monetization
Slide 43: Distributable Cash Flow and Operational DCF
Distributable Cash Flow and Operational DCF We measure available cash by reference to DCF, which is a non-GAAP cash flow measure. DCF is an important financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this
Slide 44: Gross Operating Margin
Gross Operating Margin We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors b
Slide 45: Free Cash Flow and Adjusted FCF
Free Cash Flow (“FCF”) and Adjusted FCF FCF is a non-GAAP cash flow metric that is widely used by a variety of investors and other participants in the financial community, reflects how much cash flow a business generates during a period after accounting for all capital investments, including expendi
Slide 46: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for cash distributions received from unconsolidated affiliates, equity in income of unconsolidated affiliates, non-cash impairment charges, changes in the fair market value of commod
Slide 47: Adjusted CFFO
Adjusted CFFO Adjusted CFFO is a non-GAAP measure that represents net cash flow provided by operating activities ("CFFO") before the net effect of changes in operating accounts. We believe that it is important to consider this non-GAAP measure as it can often be a better way to measure the amount of
Slide 48: Investor Relations Contact Information
Investor Relations Contact Information Libby Strait Vice President, Investor Relations Joe Theriac Vice President, Finance & Investor Relations Gayl Fogata Manager, Investor Relations Phone : (866) 230-0745 Email: investor.relations@eprod.com © All Rights Reserved. Enterprise Products Partners L.P.
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